₹60 Lakh Home Loan EMI & Interest Rate

Enjoy attractive interest rates starting at 8.45% p.a. with flexible EMI options

₹60 Lakh Home Loan EMI

If you’re planning to apply for a home loan of ₹60 lakh, you need to calculate your ₹60 lakh home loan EMI in advance so that you can better manage your EMIs or Equated Monthly Instalments.

You can use a ₹60 lakh home loan EMI calculator to calculate your repayment obligations. Manual calculations are an option too but that can be extremely time-consuming and may leave room for errors. Instead, a home loan EMI calculator can be a better alternative to calculate your loan EMI in a quick and accurate manner.

₹60 Lakh Home Loan EMI Details

Taking a housing loan is a huge decision that you should plan out in advance, especially because you have to repay your loan in EMIs within the predetermined tenure. Your home loan EMI depends on the loan tenure, principal amount and lender’s interest rate.

Additionally, EMI comprises two components – the principal amount and the interest accumulated over time. During the initial years of your repayment tenure, the EMI will largely consist of the interest component. Let’s understand the EMI on your ₹60 lakh home loan EMIwith the help of an example. Keeping the interest rate at 8.45% p.a., we have calculated the EMIs for 10, 15, 20, 25 and 30 years, respectively. Look at the table below for the results:

 Loan Amount (₹) Interest Rate (p.a.) Tenure EMI ₹ 60,00,000 8.45% 5 Years ₹ 1,22,955 ₹ 60,00,000 8.45% 10 Years ₹ 74,231 ₹ 60,00,000 8.45% 15 Years ₹ 58,909 ₹ 60,00,000 8.45% 20 Years ₹ 51,880 ₹ 60,00,000 8.45% 30 Years ₹ 45,922

Note: that this table is for illustrative purposes only

₹60 Lakh Home Loan EMI Calculator

The value of EMIs of a housing loan depends on three aspects: principal amount, repayment tenure and interest rate. You can use these details to calculate the EMI before applying for a loan. Manual calculation of EMIs is possible; however, the process can be complex and time-consuming. Also, these calculations might not give you accurate results all the time. A better option would be using an online EMI calculator.

You can opt for our ₹60 lakh home loan EMI calculator to get instant and accurate results. Upon entering your loan amount, tenure and interest rate, you will be able to view your EMI on ₹60 lakh house loan.

Loan Amount

Rate of Interest (P.a)

%

Loan Tenure (Years)

Years

Monthly EMI

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Total Interest

Total Amount

₹60 Lakh Home Loan Interest Rate & Other Charges

Navi offers home loans up to ₹5 crore at competitive interest rates starting from 8.45% p.a. with flexible repayment tenures of up to 30 years. Here are the details below:

Competitive interest rates starting at 8.45% p.a.

Zero processing fee charged
Get loans up to ₹5 crore to finance your dream house
Enjoy flexible repayment tenures of up to 30 years

How to Apply for ₹60 Lakh Home Loan

You can follow these simple steps to apply for a ₹60 lakh housing loan with Navi:
Enter personal and employment details
Get instant loan approval and provisional sanction letter

₹60 Lakh Home Loan EMI for 10 Years

Getting a ₹60 lakh home loan for 10 years will keep the monthly EMIs high but in the end you will end up paying less towards the interest and more towards the principal, which reduces the overall cost of the loan.

Although there are various EMI calculators available online, you must know how to calculate EMIs manually as well. Here is the formula for manual calculation:

EMI = {P x R x (1+R)^N} / {(1 + R)^N – 1}, where P stands for loan principal, R is the monthly rate of interest (annual interest rate/12) divided by 100 and N is the number of EMIs payable (tenure X12).

Placing the values in this formula at a 7.39% p.a. interest rate, let’s calculate the EMI for ₹60 lakh home loan for 10 years:

EMI = {P x R x (1+R)^N} / {(1 + R)^N – 1} = {6000000 x 0.00615 x (1+0.00615)^120} / {(1 + 0.00615)^120 – 1}
EMI= ₹70,877.

Instead of this hectic calculation, you can use our online home loan EMI calculator.

Find the details in the following table:

 Loan Amount ₹ 60,00,000 Rate of Interest 8.45% p.a. EMI ₹ 74,231 Total Interest ₹ 29,07,727 Total Repayment ₹ 89,07,727

₹60 Lakh Home Loan EMI for 20 Years

Just out of curiosity, let’s calculate how much will be your ₹60 lakh home loan EMI for 20 years. As we have already discussed previously, the formula for calculation is:

EMI = {P x R x (1+R)^N} / {(1 + R)^N – 1}

Here, P denotes the principal amount, R is the monthly rate of interest divided by 100 and N is the number of EMIs payable. Now, let’s calculate the EMIs at an interest rate of 7.39%.

EMI = {P x R x (1+R)^N} / {(1 + R)^N – 1} = {6000000 x 0.00615 x (1+0.00615)^240} / {(1 + 0.00615)^240 – 1} = ₹47,933.

As you can see, manual calculations can be pretty hectic and cumbersome. Instead, you can use our online home loan EMI calculator.

Refer to this table for the particulars:

 Loan Amount ₹ 60,00,000 Rate of Interest 8.45% p.a. EMI ₹ 51,880 Total Interest ₹ 64,51,122 Total Repayment ₹ 1,24,51,122

₹60 Lakh Home Loan EMI for 30 Years

Finally, let’s see how much the EMIs will be if we avail a ₹60 lakh home loan for a tenure of 30 years. As we already know, the formula is:

EMI = {P x R x (1+R)^N} / {(1 + R)^N – 1}

Here, P denotes the principal amount, R is the monthly rate of interest divided by 100, and N is the number of EMIs payable. Now, let’s calculate the EMIs at an interest rate of 7.39%.

This is how much will be your ₹60 lakh home loan EMI for 30 years if calculated manually:
EMI = ₹ {6000000 x 0.00615 x (1 + 0.739)^360} / {(1 + 0.00615)^360-1} = ₹41,502

Instead of doing such a lengthy calculation, you can use our online EMI calculator.

The calculation details have been discussed below:

 Loan Amount ₹ 60,00,000 Rate of Interest 8.45% p.a. EMI ₹ 45,922 Total Interest ₹ 1,05,32,051 Total Repayment ₹ 1,65,32,051

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Pre-closure is when you close the loan before the specified tenure either via lump sum payment at one go or making part prepayments towards the principal amount. In contrast, part payments or part prepayments is the lump sum payment you make towards the principal amount to reduce the EMI tenure so that you can pre-close the loan.
If you fail to make timely EMI payments, the lender may levy penalty charges. Multiple missed EMIs could lead to loan default. Since, home loans are secured loans, where your house for which you have taken the loan is the collateral, the lender has the right to seize the concerned house or property to recover the amount.
First, you need to plan things better. If your credit score is too low, apply for a loan once the numbers show some improvement. To do that, pay your other EMIs or bills on time. Following the best financial practices could help improve your credit score slowly and steadily. Another option would be jointly applying for a loan with someone having an above average score.
Yes, you can take a joint home loan with your spouse or relative. The benefit of a joint home loan is that if either of you has a good credit score, you can get preferential interest rates on your loan. Secondly, since a joint home loan involves more than one person, it automatically brings down the risk-factor. This automatically increases the chance of getting your loan approved.
Link your bank account to the Navi app and set up auto-debit. Your EMI would get automatically deducted on the EMI due date. Just ensure to maintain sufficient balance in your bank account on or before the due date to avoid any hassle.

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